Summary

Overview

After six consecutive years of increases, daily cash balances in the New York City Central Treasury declined in 1Q18.  The City began 1Q18 with $9.341 billion in cash-on-hand, a decrease of $2.378 billion compared to 1Q17.  From 1Q17 to 1Q18, total receipts declined 2.4%, while expenditures rose 2.6%.  Overall, cash expenditures exceeded cash receipts by $2.449 billion in 1Q18.  Consequently, at the end of 1Q18, the City’s unrestricted cash balance measured $6.893 billion, compared to $10.418 billion at the same time last year.  During 1Q18, daily cash balances averaged $8.883 billion, $1.494 billion below 1Q17 daily cash balances.  The daily average cash balance for 1Q18 was the lowest average daily cash balance for a first quarter since FY14.

Cash Receipts

Cash receipts totaled $21.513 billion in 1Q18, averaging $341 million a day.  During the same period last year, cash receipts totaled $22.048 billion and averaged $345 million a day.  Total taxes fell $420 million and federal and state aid fell $324 million, offset by a $214 million increase in miscellaneous receipts and a $264 million increase in all other receipts.

The cash receipts figure includes the retention of real property and personal income tax revenues for GO and TFA PIT debt service payments.  Debt service funding is usually counted as a negative inflow (rather than a positive expense).  In 1Q        18, the debt service funding decreased the total cash revenue by $905 million compared to $638 million during the same period last year.

Total tax receipts measured $12.226 billion, below last year’s mark by 3.3%.  Real property tax, the City’s largest source of tax revenue, fell $550 million, or 9.2%. General corporation and property transaction taxes (mortgage recording and real property transfer) were also down, 14.7% and 11.1%, respectively.  Personal income tax and sales tax receipts continue to be strong.  Personal income tax grew 7.5% and sales tax grew 5.3%.

The combined 1Q18 total of Federal and State aid amounted to $3.4 billion compared to $3.7 billion during the same period last year.  The decline can be mostly attributed to lower federal and state welfare aid payments.

Cash Expenditures

Cash expenditures, including capital, totaled $23.962 billion in 1Q18, averaging $380 million a day.  During the same period last year, cash expenditures totaled $23.349 billion and averaged $365 million a day. Personal service (PS) expenditures were little changed compared to 1Q17, down just $21 million, or 0.2%.  The 1Q18 payroll measured 0.7% higher than during the same period last year.  However, 1Q18 included only six bi-weekly payrolls, whereas 1Q17 included seven.  Other-than-personal-service (OTPS) expenditures declined 3.6% versus a year-ago, due to a fall in both vendor and other spending (down 5.7%) and medical assistance (down 13.2%).  All other spending grew 27.6%.  When the impact of CapEx is removed, 1Q18 net expenditures reflect a gain of 2.7% versus a year-ago.

Growth in all other spending was most heavily influenced by changes in Fund 700 adjustment.  Certain bookkeeping procedures within the City’s financial management system serve as a mechanism through which City agencies give notice of upcoming expenditures or of funds held in trust on behalf of non-City entities. Such entries are collectively captured in the Fund 700 adjustment and are deducted from our calculation of the unrestricted cash balance. As the City’s business proceeds throughout the year, the Fund 700 adjustment may be reflected as a positive expense (more cash excluded from the unrestricted balance) or as a negative expense (as previously disclosed Fund 700 obligations are satisfied).  In 1Q18, the Fund 700 adjustment was reflected as a positive expense, and it reduced the unrestricted cash balance by $264 million.  In 1Q17, the Fund 700 adjustment was reflected as a negative expense, and it increased the unrestricted cash balance by $241 million – a net change of $505 million.

Capital Expenditures (CapEx)

CapEx totaled $2.347 billion in 1Q18, up slightly from $2.294 billion in 1Q17. A 46.5% drop in non-City-funded CapEx was offset by a 15.1% increase in City-funded CapEx.

Reimbursements exceeded eligible CapEx during 1Q18, resulting in a gain of $709 million to the Central Treasury.  As a quarterly metric, the CapEx reimbursement rate is a volatile statistic.  However, over the long-term, CapEx and the related reimbursements offset each other.  Over the past ten 1Q periods, the reimbursement rate was 108.1%.

Financings

In FY18, the City plans to issue $6.2 billion in GO, TFA FTS, and TFA BARBs bonds for new money capital purposes.  In comparison, in FY17 the City sold $6.7 billion in new money debt across the three credits.

Three transactions closed in 1Q18.  The first transaction was a refunding sale of approximately $1 billion of TFA Building Aid Revenue Bonds.  The refunding achieved $184.6 million in budget savings, or $173.8 million on a present-value basis.  The second transaction was a refunding sale of $899 million of GO bonds.  The refunding achieved $164 million in budget savings, or $154.6 million on a present-value basis.  The third transaction was a new money sale of approximately $1.4 billion of TFA FTS bonds.  The TFA FTS sale included approximately $1 billion of tax-exempt fixed rate bonds, and $350 million of taxable fixed rate bonds.

Overview

After six consecutive years of increases, daily cash balances in the New York City Central Treasury declined in 1Q18.  The City began 1Q18 with $9.341 billion in cash-on-hand, a decrease of $2.378 billion compared to 1Q17.  From 1Q17 to 1Q18, total receipts declined 2.4%, while expenditures rose 2.6%.  Overall, cash expenditures exceeded cash receipts by $2.449 billion in 1Q18.  Consequently, at the end of 1Q18, the City’s unrestricted cash balance measured $6.893 billion, compared to $10.418 billion at the same time last year.  During 1Q18, daily cash balances averaged $8.883 billion, $1.494 billion below 1Q17 daily cash balances.  The daily average cash balance for 1Q18 was the lowest average daily cash balance for a first quarter since FY14.

Cash Receipts

Cash receipts totaled $21.513 billion in 1Q18, averaging $341 million a day.  During the same period last year, cash receipts totaled $22.048 billion and averaged $345 million a day.  Total taxes fell $420 million and federal and state aid fell $324 million, offset by a $214 million increase in miscellaneous receipts and a $264 million increase in all other receipts.

The cash receipts figure includes the retention of real property and personal income tax revenues for GO and TFA PIT debt service payments.  Debt service funding is usually counted as a negative inflow (rather than a positive expense).  In 1Q 18, the debt service funding decreased the total cash revenue by $905 million compared to $638 million during the same period last year.

Total tax receipts measured $12.226 billion, below last year’s mark by 3.3%.  Real property tax, the City’s largest source of tax revenue, fell $550 million, or 9.2%. General corporation and property transaction taxes (mortgage recording and real property transfer) were also down, 14.7% and 11.1%, respectively.  Personal income tax and sales tax receipts continue to be strong.  Personal income tax grew 7.5% and sales tax grew 5.3%.

The combined 1Q18 total of Federal and State aid amounted to $3.4 billion compared to $3.7 billion during the same period last year.  The decline can be mostly attributed to lower federal and state welfare aid payments.

Cash Expenditures

Cash expenditures, including capital, totaled $23.962 billion in 1Q18, averaging $380 million a day.  During the same period last year, cash expenditures totaled $23.349 billion and averaged $365 million a day. Personal service (PS) expenditures were little changed compared to 1Q17, down just $21 million, or 0.2%.  The 1Q18 payroll measured 0.7% higher than during the same period last year.  However, 1Q18 included only six bi-weekly payrolls, whereas 1Q17 included seven.  Other-than-personal-service (OTPS) expenditures declined 3.6% versus a year-ago, due to a fall in both vendor and other spending (down 5.7%) and medical assistance (down 13.2%).  All other spending grew 27.6%.  When the impact of CapEx is removed, 1Q18 net expenditures reflect a gain of 2.7% versus a year-ago.

Growth in all other spending was most heavily influenced by changes in Fund 700 adjustment.  Certain bookkeeping procedures within the City’s financial management system serve as a mechanism through which City agencies give notice of upcoming expenditures or of funds held in trust on behalf of non-City entities. Such entries are collectively captured in the Fund 700 adjustment and are deducted from our calculation of the unrestricted cash balance. As the City’s business proceeds throughout the year, the Fund 700 adjustment may be reflected as a positive expense (more cash excluded from the unrestricted balance) or as a negative expense (as previously disclosed Fund 700 obligations are satisfied).  In 1Q18, the Fund 700 adjustment was reflected as a positive expense, and it reduced the unrestricted cash balance by $264 million.  In 1Q17, the Fund 700 adjustment was reflected as a negative expense, and it increased the unrestricted cash balance by $241 million – a net change of $505 million.

Capital Expenditures (CapEx)

CapEx totaled $2.347 billion in 1Q18, up slightly from $2.294 billion in 1Q17. A 46.5% drop in non-City-funded CapEx was offset by a 15.1% increase in City-funded CapEx.

Reimbursements exceeded eligible CapEx during 1Q18, resulting in a gain of $709 million to the Central Treasury.  As a quarterly metric, the CapEx reimbursement rate is a volatile statistic.  However, over the long-term, CapEx and the related reimbursements offset each other.  Over the past ten 1Q periods, the reimbursement rate was 108.1%.

Financings

In FY18, the City plans to issue $6.2 billion in GO, TFA FTS, and TFA BARBs bonds for new money capital purposes.  In comparison, in FY17 the City sold $6.7 billion in new money debt across the three credits.

Three transactions closed in 1Q18.  The first transaction was a refunding sale of approximately $1 billion of TFA Building Aid Revenue Bonds.  The refunding achieved $184.6 million in budget savings, or $173.8 million on a present-value basis.  The second transaction was a refunding sale of $899 million of GO bonds.  The refunding achieved $164 million in budget savings, or $154.6 million on a present-value basis.  The third transaction was a new money sale of approximately $1.4 billion of TFA FTS bonds.  The TFA FTS sale included approximately $1 billion of tax-exempt fixed rate bonds, and $350 million of taxable fixed rate bonds.

Rounding of Large Numbers in the Quarterly Cash Report

When dealing with numbers as large as those considered in this report, it becomes necessary, for conservation of space, to round representative figures to the nearest tenths, hundredths, or thousandths.  Adding such a series of rounded figures often leads to a circumstance whereby components, when added together, appear not to equal the given total.  Examples occur throughout this report and are the result of rounding, not miscalculation.

I. Cash Balances[1]

Chart 1. Daily Cash Balances of the NYC Central Treasury, 1Q13, 1Q17, and 1Q18

($ in millions)

After six consecutive years of increases, daily cash balances in the New York City Central Treasury declined in 1Q18.  The City began 1Q18 with $9.341 billion in cash-on-hand, a decrease of $2.378 billion compared to 1Q17.  From 1Q17 to 1Q18, total receipts declined 2.4%, while expenditures rose 2.6%.  Overall, cash expenditures exceeded cash receipts by $2.449 billion in 1Q18.  Consequently, at the end of 1Q18, the City’s unrestricted cash balance measured $6.893 billion, compared to $10.418 billion at the same time last year.  During 1Q18, daily cash balances averaged $8.883 billion, $1.494 billion below 1Q17 daily cash balances.  The daily average cash balance for 1Q18 was the lowest average daily cash balance for a first quarter since FY14.

Table 1. Cash Position in the NYC Central Treasury, 1Q, FY09 – FY18

($ in millions)
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Opening Balance a $4,988 $5,839 $4,604 $5,041 $6,297 $7,944 $9,858 $9,502 $11,719 $9,341
Total Receipts 19,750 17,332 19,911 19,315 19,023 19,361 19,904 23,006 22,048 21,513
Total Expenditures b 18,368 18,575 19,165 19,221 19,085 21,531 20,750 23,017 23,349 23,962
Closing Balance a $6,370 $4,596 $5,350 $5,135 $6,235 $5,773 $9,011 $9,491 $10,418 $6,893
Avg. Daily Balance $6,426 $6,348 $4,628 $5,843 $6,397 $7,274 $9,442 $10,046 $10,377 $8,883
  1. Opening and closing balances are before City audits.
  2. Total expenditures include capital expenditures.

II. Cash Receipts

Receipts at a Glance

Table 2. Cash Receipts by Category, 1Q, FY09 – FY18

($ in millions)
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Real Property Tax  $5,006 $3,778 $4,638 $5,154   $4,785  $5,573  $5,412  $5,587  $5,950  $5,400
Other Taxes     5,556 4,506 5,191 5,543      5,681     6,050     6,595     6,865     6,696     6,826
  Total Taxes   10,562 8,284 9,829 10,697    10,466   11,623   12,007   12,452   12,646   12,226
Debt Service Funding            0 0 (108)     0    (1,005)       (891)    (1,683)    470   (638)   (905)
Federal and State Aid     3,712 4,279 4,270 3,890      4,188     3,951     4,633     4,256     3,683     3,359
Miscellaneous     1,801 1,796 1,628 1,734      1,669     1,493     1,549     2,027     1,802     2,016
Intergovernmental Aid          63 63 0 0             0            0            0            0            2            0
All Other     3,612 2,910 3,842 2,994      3,705     3,185     3,398     3,801     4,553     4,817
Total $19,750 $17,332 $19,911 $19,315  $19,023 $19,361 $19,904 $23,006 $22,048 $21,513
         
Total, Net of Reimbursement for CapEx $17,394 $15,392 $17,027 $17,432 $16,398 $17,660 $18,258 $21,081 $19,217 $18,601

Cash receipts totaled $21.513 billion in 1Q18, averaging $341 million a day.  During the same period last year, cash receipts totaled $22.048 billion and averaged $345 million a day.  Total taxes fell $420 million and federal and state aid fell $324 million, offset by a $214 million increase in miscellaneous receipts and a $264 million increase in all other receipts.

The cash receipts figure includes the retention of real property and personal income tax revenues for GO and TFA PIT debt service payments.  Debt service funding is recorded as a negative inflow (rather than a positive expense).  In 1Q  18, the debt service funding decreased the total cash revenue by $905 million compared to $638 million during the same period last year.

Taxes[2]

Table 3. Tax Receipts, 1Q13, 1Q17, and 1Q18

($ in millions)
   

 

1Q13

 

 

1Q17

 

 

1Q18

% Change

1Q18/

1Q13

% Change 1Q18/

1Q17

Real Property Tax $4,785 $5,950 $5,400   12.9% (9.2)%
Personal Income Tax 1,721 2,249 2,418 40.5 7.5
Sales Tax 1,317 1,411 1,486 12.8 5.3
General Corporation Tax 669 1,058 902 34.8 (14.7)
Mortgage and Real Property Transfer Taxes 421 718 638 51.5 (11.1)
Unincorporated Business Tax 411 479 506 23.1 5.6
Banking Corporation Tax 462 99 304 (34.2) 207.1
Commercial Rent Tax 174 208 244 40.2 17.3
Hotel Occupancy Tax 118 141 147 24.6 4.3
Utility Tax  107  41  95       (11.2) 131.7
All Other Taxes 281 292 86 (69.4) (70.5)
Total $10,466 $12,646 $12,226 16.8% (3.3)%

Total tax receipts measured $12.226 billion, below last year’s mark by 3.3%.  Real property tax, the City’s largest source of tax revenue, fell $550 million, or 9.2%. General corporation and mortgage and real property transfer taxes were also down, 14.7% and 11.1%, respectively.  Personal income tax and sales tax receipts continue to be strong.  Personal income tax grew 7.5% and sales tax grew 5.3%.

Table 4. Selected Cash Receipts, 1Q, FY14 – FY18

($ in millions)
FY14 FY15 FY16 FY17 FY18
Real Property Tax $5,573 $5,412 $5,587 $5,950 $5,400
Personal Income Tax 1,861 2,026 2,236 2,249 2,418
Sales Tax 1,425 1,482 1,559 1,411 1,486
NYS Education 1,251 1,638 1,364 1,359 1,396
General Corporation Tax 714 718 900 1,058 902
Water and Sewer Charges 658 720 830 894 871
Mortgage and Real Property Transfer Taxes 501 690 740 718 638
Federal Welfare 952 1,261 1,141 922 506
Unincorporated Business Tax 435 506 471 479 506
Federal Education 392 246 327 169 348
Banking Corporation Tax 423 434 215 99 304
Fines and Forfeitures 225 250 281 238 250
Commercial Rent Tax 188 216 216 208 244
NYS Welfare 346 279 441 443 213
Hotel Occupancy Tax 133 129 150 141 147

Federal and State Aid

Chart 2. Federal & State Aid to NYC, 1Q,  FY14 – FY18

($ in billions)

Chart 3. Federal & State Aid as % of Total Receipts, 1Q, FY14 – FY18

Chart 4. Components of State Aid, 1Q, FY14 – FY18($ in billions)

Chart 5. Components of Federal Aid, 1Q, FY14 – FY18

($ in billions)

The combined 1Q18 total of Federal and State aid amounted to $3.4 billion compared to $3.7 billion during the same period last year.  The decline can be mostly attributed to lower federal and state welfare aid payments.

III. Cash Expenditures (Including Capital)

Cash Expenditures at a Glance

Table 5. PS & OTPS, 1Q, FY09 – FY18

($ in millions)
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Gross Payroll $6,161 $5,759 $5,967 $6,176 $6,059 $6,134 $6,425 $7,036 $7,106 $7,157
Other Personal Services 2,792 3,040 3,208 3,292 3,366 3,660 3,896 3,956 4,279 4,207
Total PS $8,953 $8,799 $9,175 $9,468 $9,425 $9,794 $10,321 $10,992 $11,385 $11,364
  % of  1Q Total Exp 49% 47% 48% 49% 49% 46% 50% 48% 49% 47%
  # of Bi-weekly Payrolls 6 6 6 7 7 7 7 7 7 6
Public Assistance 566 767 653 632 581 640 649 706 771 950
Medical Assistance 1,214 1,372 1,181 1,650 1,622 1,377 1,353 1,452 1,368 1,187
Other Social Services 725 681 655 561 639 652 625 663 697 713
Vendor and Other 3,728 3,654 3,820 4,034 3,816 4,525 5,036 5,128 5,707 5,383
Total OTPS $6,233 $6,474 $6,309 $6,877 $6,658 $7,194 $7,663 $7,949 $8,543 $8,233
% of 1Q Total Exp 34% 35% 33% 36% 35% 33% 37% 34% 37% 35%
All Other $3,182 $3,302 $3,681 $2,876 $3,002 $4,543 $2,766 $4,076 $3,421 $4,365
% of Total 1Q Exp 17% 18% 19% 15% 16% 21% 13% 18% 14% 18%
Total Expenditures $18,368 $18,575 $19,165 $19,221 $19,085 $21,531 $20,750 $23,017 $23,349 $23,962
                     
Total Expenditures, Net of CapEx $16,060 $16,047 $16,268 $17,344 $16,936 $19,158 $18,730 $20,946 $21,055 $21,615

Cash expenditures, including capital, totaled $23.962 billion in 1Q18, averaging $380 million a day.  During the same period last year, cash expenditures totaled $23.349 billion and averaged $365 million a day. Personal service (PS) expenditures were little changed compared to 1Q17, down just $21 million, or 0.2%.  The 1Q18 payroll measured 0.7% higher than during the same period last year.  However, 1Q18 included only six bi-weekly payrolls, whereas 1Q17 included seven.  Other-than-personal-service (OTPS) expenditures declined 3.6% versus a year-ago, due to a fall in both vendor and other spending (down 5.7%) and medical assistance (down 13.2%).  All other spending grew 27.6%.  When the impact of CapEx is removed, 1Q18 net expenditures reflect a gain of 2.7% versus a year-ago.

“All Other” Spending

Table 6. Major Components of “All Other” Spending, 1Q17 and 1Q18

($ in millions)
1Q17 1Q18 Difference
Transit Authority $216 $218 $2
Housing Authority 33 4 (29)
Lump Sum Payments 663 840 177
HHC 216 401 185
Refunds 242 280 38
City-Funded Capital 1,817 2,092 275
Non-City-funded Capital 477 255 (222)
Fund 700 Adjustment (241) 264 505

Growth in all other spending was most heavily influenced by changes in Fund 700 adjustment.  Certain bookkeeping procedures within the City’s financial management system serve as a mechanism through which City agencies give notice of upcoming expenditures or of funds held in trust on behalf of non-City entities. Such entries are collectively captured in the Fund 700 adjustment and are deducted from our calculation of the unrestricted cash balance. As the City’s business proceeds throughout the year, the Fund 700 adjustment may be reflected as a positive expense (more cash excluded from the unrestricted balance) or as a negative expense (as previously disclosed Fund 700 obligations are satisfied).  In 1Q18, the Fund 700 adjustment was reflected as a positive expense, and it reduced the unrestricted cash balance by $264 million.  In 1Q17, the Fund 700 adjustment was reflected as a negative expense, and it increased the unrestricted cash balance by $241 million.

IV. Capital Expenditures and Reimbursements

City-funded capital expenditures are primarily financed from the proceeds of General Obligation (GO), New York City Transitional Finance Authority (TFA), and New York City Municipal Water Finance Authority (NY Water) debt. Beginning in 2Q07, Non- City-funded capital expenditures for education were financed by TFA Building Aid bonds and Expanding Our Children’s Education and Learning (EXCEL) capital grant funding from the Dormitory Authority of the State of New York (DASNY). Capital expenditures are initially paid from the New York City Central Treasury and then reimbursed from various capital accounts and State sources.

Chart 6. Total CapEx and City-Funded CapEx, 1Q, FY09 – FY18

($ in millions)

Chart 7. Total CapEx as % of Total Expenditures, 1Q, FY09 – FY18

CapEx totaled $2.347 billion in 1Q18, up slightly from $2.294 billion in 1Q17. A 46.5% drop in non-City-funded CapEx was offset by a 15.1% increase in City-funded CapEx.

Table 7. Reimbursements to the NYC Central Treasury for CapEx, 1Q, FY09 – FY18

($ in millions)
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Total
GO $1,129 $532 $759 $456 $295 $471 $333 $562 $1,288 $       0 $5,825
NY Water 684 611 955 575 516 420 358 353 323 384 5,179
TFA 5 609 1,170 572 1,214 811 954 178 1,220 2,528 9,261
Sub-total 1,818 1,752 2,884 1,603 2,025 1,702 1,645 1,093 2,831 2,912 20,265
TFA Building Aid 211 182 0 280 598 0 0 832 0 0 2,103
DASNY 327 6 0 0 0 0 0 0 0 0 333
Sub-total 538 188 0 280 598 0 0 832 0 0 2,436
Total $2,356 $1,940 $2,884 $1,883 $2,623 $1,702 $1,645 $1,925 $2,831 $2,912 $22,701
1Q Reimbursable Capital Expenditures $2,162 $2,381 $2,721 $1,651 $1,987 $2,166 $1,862 $1,842 $2,031 $2,203 $21,006
1Q Reimbursements Less 1Q Reimbursable Capital Expenditures $194 ($441) $163 $232 $636 ($464) ($217) $83 $800 $709 $1,695
1Q Reimbursements as a % of 1Q Reimbursable Capital Expenditures 108.9% 81.5% 106.0% 114.0% 132.0% 78.6% 88.3% 104.5% 139.4% 132.2% 108.1%
1Q Reimbursements as a % of 1Q Total Receipts 11.9% 11.2% 14.5% 9.7% 13.8% 8.8% 8.3% 8.4% 12.8% 13.5% 11.3%

Reimbursements exceeded eligible CapEx during 1Q18, resulting in a gain of $709 million to the Central Treasury.  As a quarterly metric, the CapEx reimbursement rate is a volatile statistic.  However, over the long-term, CapEx and the related reimbursements offset each other.  Over the past ten 1Q periods, the reimbursement rate was 108.1%.

Chart 8. Bond-Funded Reimbursements for Eligible CapEx, 1Q, FY14 – FY18

($ in millions)

V. Financings[3]

In FY18, the City plans to issue $6.2 billion in GO, TFA FTS, and TFA BARBs bonds for new money capital purposes.  In comparison, in FY17 the City sold $6.7 billion in new money debt across the three credits.

Table 8. FY18 Projected and 1Q18 Actual GO, TFA FTS, and TFA BARBs New Money Issuance

($ in billions)
Projected New Money Issuance 1Q18 New Money Issuance Remaining New Money Issuance
GO $2.2 $0.0 $2.2
TFA FTS $3.5 $1.4 $2.1
TFA BARBs $0.5 $0.0 $0.5
Total $6.2 $1.4 $4.8

Projected bond issuance is based on the OMB’s November 2017 Financial Plan.

Three transactions closed in 1Q18.  The first transaction was a refunding sale of approximately $1 billion of TFA Building Aid Revenue Bonds.  The refunding achieved $184.6 million in budget savings, or $173.8 million on a present-value basis.  The second transaction was a refunding sale of $899 million of GO bonds.  The refunding achieved $164 million in budget savings, or $154.6 million on a present-value basis.  The third transaction was a new money sale of approximately $1.4 billion of TFA FTS bonds.  The TFA FTS sale included approximately $1 billion of tax-exempt fixed rate bonds, and $350 million of taxable fixed rate bonds.

Table 9. GO, TFA FTS, and TFA BARBs Bond Issuance, 1Q18

($ in millions)
Closing Date Deal Purpose  TE Fixed TX Fixed* TE Variable Total Par
7/20/2017 TFA BARBs 2018 S-1 and S-2 Refunding $1,008 $0 $0 $1,008
8/10/2017 GO 2018 A Refunding $899 $0 $0 $899
8/17/2017 TFA FTS 2018 A* New Money $1,000 $350 $0 $1,350

The table excludes conversions and re-offerings

*Designates series of bonds that were sold via competitive sale


Prepared by Irina Livshits, Division Chief

Andrew Rosenthal, Analyst; Michele Griffin, Analyst; and Alex Huang, Analyst

Published by the NYC Comptroller’s Office, Bureau of Budget

Preston Niblack, Deputy Comptroller for Budget


Endnotes

[1]   The data in this report are based on the book balances in the New York City Central Treasury as calculated by the Bureau of Budget, Office of the New York City Comptroller. Receipts are reported based on cash receipts and the analysis of bank deposits. Expenditures are reported according to warrants issued.

[2]    In this report, tax receipts, with the exception of personal income tax, are gross of refunds. Real property tax and personal income tax are gross of debt service funding.

[3]    We gratefully acknowledge the assistance of the Bureau of Public Finance (NYC Comptroller’s Office) in the preparation of the Financings section of this report.